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Establishing Monetary Union in the Gulf Cooperation Council: What Lessons for Regional Cooperation? ADBI Working Paper 390

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Establishing Monetary Union in the Gulf Cooperation Council: What Lessons for Regional Cooperation? ADBI Working Paper 390 ADBI Working Paper Series Establishing Monetary Union in the Gulf Cooperation Council: What Lessons for Regional Cooperation? Shinji Takagi No. 390 October 2012 Asian Development Bank Institute Shinji Takagi is professor of economics at the Graduate School of Economics, Osaka University, Japan. This paper was presented at the Asian Development Bank Institute (ADBI)–Brookings workshop on Financial Regionalism and the International Monetary System, held in Washington, DC on 27 October 2011. It is forthcoming in a volume to be edited by Masahiro Kawai and Domenico Lombardi. The author has benefited from discussion with Mohsin Khan, Ahmed Alkholifey, David Robinson, May Khamis, and A. Prasad, as well as comments from Domenico Lombardi and Chalongphob Sussangkarn. The author alone is responsible for any errors of fact or interpretation. The views expressed in this paper are the views of the author and do not necessarily reflect the views or policies of ADBI, the ADB, its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms. The Working Paper series is a continuation of the formerly named Discussion Paper series; the numbering of the papers continued without interruption or change. ADBI’s working papers reflect initial ideas on a topic and are posted online for discussion. ADBI encourages readers to post their comments on the main page for each working paper (given in the citation below). Some working papers may develop into other forms of publication. Suggested citation: Takagi, S. 2012. Establishing Monetary Union in the Gulf Cooperation Council: What Lessons for Regional Cooperation? ADBI Working Paper 390. Tokyo: Asian Development Bank Institute. Available: http://www.adbi.org/working- paper/2012/10/19/5268.monetary.union.gulf.cooperation.council/ Please contact the author for information about this paper. Email: [email protected] Asian Development Bank Institute Kasumigaseki Building 8F 3-2-5 Kasumigaseki, Chiyoda-ku Tokyo 100-6008, Japan Tel: +81-3-3593-5500 Fax: +81-3-3593-5571 URL: www.adbi.org E-mail: [email protected] © 2012 Asian Development Bank Institute ADBI Working Paper 390 Takagi Abstract The paper reviews the experience of regional economic cooperation in the Gulf Cooperation Council (GCC). Conceived as a regional security alliance, the GCC has evolved to become a common market in the making. All six GCC countries participate in the common market project, and additional countries may join. But the timing of introducing a common currency, initially targeted for 2010, remains uncertain, especially in the light of the ongoing euro area crisis. Two countries have withdrawn from the common currency project; another has ceased to comply with a prerequisite for entering the monetary union. But the GCC is not the same as the GCC Monetary Union, nor should the success of the GCC be judged solely on the basis of how many member states end up participating in the single currency. From the standpoint of Asia, the contrast appears striking. In Asia it has been a slow and difficult process to form consensus on regional cooperation, but political agreement collectively to promote economic integration was reached rather quickly in the GCC. Even so, regional institution building, especially in creating regional decision-making bodies, has been slow in the GCC; the region is yet to see the degree of economic integration already experienced in Asia. An important lesson of the GCC experience is that political will and leadership alone is not a sufficient condition for success. What ultimately determines the success of any regional cooperation effort is the willingness of countries to surrender part of their national sovereignty, a difficult feat for any group of countries. JEL Classification: F15, F36, F55, O53 ADBI Working Paper 390 Takagi Contents 1. Introduction ..................................................................................................................... 3 2. Regional Security through Economic Cooperation .......................................................... 3 3. Governance and Decision Making in the Gulf Cooperation Council ................................ 5 4. Economic Characteristics of Gulf Cooperation Council Countries ................................... 6 5. Institutional Achievements in Economic Cooperation .....................................................11 6. What the Future Holds ...................................................................................................14 7. Conclusion: What Lessons for Regional Economic Cooperation? ..................................17 References ...............................................................................................................................21 ADBI Working Paper 390 Takagi 1. INTRODUCTION This paper presents a review of regional economic cooperation in the Gulf Cooperation Council (GCC), with a focus on the organization’s ultimate goal of establishing monetary union. Since the early 1980s, the GCC—which comprises six monarchies of the Arabian Peninsula: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE)—has been forging ahead with regional cooperation efforts, with a view to promoting economic integration among the member states, including the eventual introduction of a single currency. The GCC is located in a politically volatile region; it holds more than 30% of the world’s proven oil reserves and supplies nearly 25% of the world’s petroleum needs (OPEC 2011). The world’s increasing interest in the GCC’s regional economic cooperation efforts stems not only from this geopolitical importance but also from the rising economic might of the region as it has amassed trillions of dollars of petroleum wealth. The GCC’s experience is bound to receive even greater attention, given the strong likelihood that a single currency will be introduced in the near future, at least among a subset of the member states, and as the membership is likely to expand to include Jordan and Morocco, if not Yemen.1 The purpose of this paper is to draw potential lessons for regional economic cooperation by identifying the ingredients of success and failure seen through the three decades of GCC experience. In doing so, the rest of the paper proceeds as follows. Section 2 reviews the role of economic cooperation in the GCC, which was conceived as a regional security alliance, paying particular attention to the Unified Economic Agreement of 1981. Section 3 outlines the overall framework of governance and decision making in the GCC, along with the institutional apparatus for monetary cooperation. Section 4 provides an overview of the economic characteristics of GCC countries that are relevant to our discussion of economic and monetary cooperation. Section 5 summarizes the GCC’s institutional achievements in regional economic cooperation, including the revised Economic Agreement of 2001, the launch of a customs union in 2003 and a common market in 2008, and the establishment of the Monetary Council in 2009. Section 6 relies on the existing literature to discuss the pros and cons of monetary union in the GCC as well as what the future holds for the GCC single currency project. Finally, section 7 concludes by drawing lessons from the GCC experience. 2. REGIONAL SECURITY THROUGH ECONOMIC COOPERATION The Gulf Cooperation Council (GCC), formally called the Cooperation Council for the Arab States of the Gulf, was established in May 1981. The group was formed against the backdrop of a tense political situation in the region created by an Islamic revolution in Iran, the subsequent Iran–Iraq war, Egypt’s decision to sign a peace treaty with Israel, and the Soviet invasion of Afghanistan. More than anything, all these events (setting aside any differences among them) accelerated the countries’ decision to unite in pursuit of common security objectives. It is important to keep it in mind that, though the fruit of cooperation may be more visible in the economic sphere, the GCC was first and foremost conceived as a regional security alliance. While regional economic cooperation has often been initiated by political considerations, as was the case with the European Union (EU) and the Association of Southeast Asian Nations 1 In 2011, Jordan’s request for membership was received, while Morocco was invited to join. Although Yemen has also applied for membership, most experts believe that the country will not be admitted as a full member, given its republican form of government, large population, and low per capita income. 3 ADBI Working Paper 390 Takagi (ASEAN), the launch of the GCC is unique in that ensuring the survival of the existing monarchic regime appears to have been the primary motive.2 A high degree of homogeneity is evident across the member states. They are all monarchies with limited political participation, speak the same language, and share a common cultural and religious heritage. In these societies, tribal customs prevail where social bonds are based on loyalty to and dependence on the ruler. Appropriately, a large number of citizens are employed in the public sector as a way for the ruler to distribute wealth, while most private sector jobs are filled by expatriate workers. Citizens have become accustomed to subsidized consumption and short-range spending, made possible by oil wealth (Johar 1997).
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